Next 10 secures $50m for user-generated content fund

The firm, established in March, says that the rise in popularity of user-generated media content during the past decade has led to the development of a "creator economy" based on the mass adoption of digital and social media platforms. It aims to build new businesses and technology services focused on this market.

Seed and early-stage investments will be made across video content, intellectual property creation, e-commerce, and community-based products and services. Deal targeting will emphasize products for children and young adults. Next 10 has indicated that one of its early commitments will be a video content fund focused on creators of educational content.

"Over the past five years, I have seen firsthand the immense growth of the creator economy in terms of reach, consumer engagement, and commercialization," Benjamin Grubbs, found and CEO of Next 10, said in a statement. "We forecast the global creator economy excluding China to reach $23 billion this year, driven by tens of thousands of creators who make a living on digital video and social platforms."

Grubbs' experience in user-generated content includes a position as Asia Pacific marketing lead for YouTube, where he drove strategy, investment, and growth for video platform's top 500 independent content creators. He has also served as executive director of interactive media for Turner Broadcasting's Asia Pacific business, as well as working for eBay and Yahoo in the region.

Paul Condolora, COO for Next 10, has held positions at media companies including Warner Bros, Turner Broadcasting and Sony Pictures. He was the co-head of the development team for the $25 billion Harry Potter global franchise and guided digital consumer products strategy for Cartoon Network.  

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